Shipment courier

Triangle JV lands a payday after shipping oil from WA

Triangle Energy’s Cliff Head joint venture with Pilot Energy could soon pocket around $6.8 million after offloading and then selling nearly 51,000 barrels of oil via a new shipping route through Thailand.

The Perth-based oil and gas player could earn around $5.4 million from its share of the project, with the company’s joint venture partner earning around $1.4 million for its part of the deal.

Another expedition is planned for later in the year.

The $6.8 million fee was paid via pro forma invoice and will be adjusted later this month once final oil price calculations are factored into the sum.

The delivery is part of the duo’s Cliff Head JV, or ‘CHJV’, operation – a partnership which sees the duo carry out oil production work on the Cliff Head field approximately 270km north of Perth and ship it to buyers in Asia.

Triangle claims a nearly 79% stake in CHJV while Pilot takes the remaining approximately 21%.

The combination includes the Arrowsmith stabilization plant, well infrastructure and a handful of federal and state pipeline licenses.

The CHJV trucked 26,500 barrels of oil from the Arrowsmith Stabilization Plant to the Port of Geraldton between September 29 and October 3. The companies then loaded the cargo onto the tanker AB Paloma through a round-the-clock loading process.

The cargo joined an additional 24,500 barrels of oil from the joint venture’s first shipment for a total shipment of approximately 51,000.

Triangle says AB Paloma – the vessel used to scare the oil, is now back from Thailand and anchored off the Port of Geraldton ahead of a second loading with an expected completion date of around 5-6 weeks.

Western Australia’s oil sector was caught off guard earlier in the year by energy giant BP’s decision to halt oil handling and refining work at its Kwinana plant – a decision that has let a crowd of growers climb to get their liquids to market.

Triangle Energy managed the closure of the facility by creating a new export route for its oil from Cliff Head to Asian crude markets – via a newly established facility at the Port of Geraldton.

Having demonstrated the viability of the new route, Triangle says the route could provide itself and other operators in the Perth Basin with a strong channel to sell their oil.

Payment for the delivery of oil to a refinery in Thailand is the final confirmation of the viability of the tanker export route. This export route is now progressing with the third crude oil tanker loading, ensuring that we will continue to export and sell oil produced from the Cliff Head oil field for the foreseeable future as we progress through the plans for future use of Cliff Head facilities. .

Triangle and Pilot are now ready to continue to add value to the Cliff Head project by developing a carbon capture and storage operation.

Once operational, the pair aims to provide carbon management services to third-party operators – a move, according to Triangle, that could extend the life of the CHJV.

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